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Franchising and brokerage giant Anywhere announced this week that it is expanding its board from 12 to 13 people via the addition of Joseph Lenz.
Joseph Lenz
Lenz currently serves as a managing director and co-head of research of credit solutions at asset management firm TPG Angelo Gordon. A statement from Anywhere says Lenz has “extensive advisory and investing experience, including helping guide companies’ investments across capital structure and navigating investor and legal affairs.”
Anywhere CEO Ryan Schneider said in the statement Lenz’ “experience will complement our highly regarded board.”
“As a managing director of TPG Angelo Gordon, a top stockholder, he will bring an important shareholder perspective,” Schneider added. “I look forward to the insights Joe will bring as we execute the Anywhere strategy to deliver results and drive growth.”
Lenz previously served on the board of Northern Oil and Gas and is a current board member for SECURE Energy. He graduated from the University of Pennsylvania in 2010 and previously worked at Morgan Stanley.
Additionally, Lenz has real estate in his blood; he’s the son of famed New York City real estate agent Dolly Lenz.
Michael J. Williams, chair of Anywhere’s board, expressed excitement about Lenz’s arrival at the company.
“Anywhere is committed to maintaining a high-caliber and diverse board, and we are confident we will benefit from Joe’s notable business experience,” Williams said. “We are thankful for the continued support of TPG Angelo Gordon, and we look forward to working with Joe upon his joining the board as we continue to guide and support the Anywhere leadership team.”
Lenz joins Anywhere at a critical time for the company. In recent years a deluge of commission lawsuits have sought to challenge the way agents get paid. The highest-profile of these cases, Sitzer | Burnett, went to trial in October and ended with a jury finding that the National Association of Realtors and major industry franchisors conspired to keep commissions high.
Anywhere was a defendant in that case, but filed a settlement before the trial and thus did not participate in the October defense. Anywhere has also settled other commission cases, though it remains to be seen more broadly just how these cases might impact the industry or force systemic changes.
Ryan Schneider
At Inman Connect New York in January, Schneider argued that his company’s settlement actually gives it an advantage over other real estate companies.
Aside from commission lawsuits, the real estate industry also currently faces uncertainty related to high mortgage rates and low inventory.
All of which is to say that both Anywhere and the real estate industry generally are navigating uncharted waters right now, which places greater pressure on leaders.
In the statement, however, Lenz argued that Anywhere at least “is well-positioned to navigate today’s housing market while harnessing the power of its unique advantages to drive change, unlock new growth, and deliver long-term value.”
“I look forward to partnering with my new Anywhere board colleagues and the management team,” he added, “to help further accelerate the Company’s strategic transformation.”
